Word: parent
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Dates: during 1980-1989
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Money-losing People Express, Frontier's troubled, no-frills parent, had pulled the plug on its cash-short subsidiary six weeks after announcing that Frontier was to be sold to powerful United Airlines, the largest U.S. commercial carrier, for $146 million. People executives continued to pursue negotiations with United, which had been pledged some of Frontier's most important assets in return for a $46.7 million advance payment. But the remainder of their original deal was in tatters. At last, on Thursday, Frontier formally filed a Chapter 11 bankruptcy petition. Said People Express in a statement: "Unless some other entity...
...heated maneuvering continued. People Express Chairman Donald Burr later said the parent company had canvassed "every other available alternative," including the possible sale of Frontier to other parties. Eventually, rumors began to grow that Newark-based People, which only five years ago threw the entire passenger-airline industry into a tailspin, might itself be quietly on the backroom auction block...
...successor be chosen from among the ranks of the network's current management. Last week it appeared that Tinker's wish would not be granted. Word began leaking that General Electric Chairman John Welch, whose desires became paramount at NBC after his electronics giant bought RCA, NBC's parent company, for $6.28 billion last December, had settled on his own man for the job. This week Welch is expected to name Robert Wright, 43, the president of GE Financial Services, to become NBC's new chairman in the fall. Privately, NBC officials confirmed the news...
...INVESTMENTS. The proposed ban on all new investments by U.S. businesses in South Africa, including improvements in subsidiaries there, is another example of a trend already taking place because of market forces. Rather than pump new money into these operations in the unpredictable situation in South Africa, parent companies in the U.S. have been selling off assets or letting branches use their profits to modernize. Result: a net flow of capital from the subsidiaries to their U.S. headquarters rather than the reverse. No U.S. company has moved into South Africa since 1983. Less U.S. business activity in South Africa crimps...
Ever since the breakup of AT&T two years ago, the seven regional phone companies known as Baby Bells have enjoyed an amicable relationship with their onetime parent. Last week it was announced that the kids would gang up for the first time against the former Ma Bell. The Baby Bells have joined with Martin Marietta, the aerospace manufacturer, to bid against AT&T for an enormous prize: a federal telecommunications contract worth some $4.5 billion over ten years. AT&T has been the leading contractor on the account since 1963. The contract, which involves upgrading the Government phone system...